Clifford Chance

Clifford Chance advises ING on the accelerated bookbuild offering of ordinary shares in the capital of Kendrion

A Clifford Chance team advised ING Bank N.V. as sole global coordinator and bookrunner on the accelerated bookbuild offering of ordinary shares in the capital of Dutch listed company Kendrion N.V. Kendrion develops, manufactures and markets high-quality electromagnetic systems and components for industrial and automotive applications.

Launch and pricing of the accelerated bookbuild offering took place on Thursday 21 November 2019. The offering consisted of 1,357,486 new ordinary shares and 235,592 existing treasury shares, priced at EUR 19.50 per share, resulting in a total deal size of EUR 31.1 million. The net proceeds from the offering will be used by Kendrion to refinance a bridge loan obtained to finance its acquisition of INTORQ, a German manufacturer of spring-applied and electromagnetic brakes and clutches, as announced on 5 November 2019.

Settlement of the offering and admission to listing and trading of the new ordinary shares on Euronext Amsterdam is expected to take place on Tuesday 26 November 2019.

The Clifford Chance team on the transaction comprises Han Teerink and Marina Sarkisjan from the Amsterdam office with Olivier Plessis and Alex Bafi from the Paris office providing US securities laws advice.